Macroeconomic Fluctuations in Sub-Saharan Africa

Alexander Hoffmaister

No 1997/082, IMF Working Papers from International Monetary Fund

Abstract: The sources of macroeconomic fluctuations in sub–Saharan African are examined by comparing the CFA franc countries with the non–CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (partially) buffer these countries from external shocks. Macroeconomic fluctuations in non–CFA franc countries are similar to those in other developing countries, particularly in Latin America.

Keywords: WP; CFA franc; CFA franc country; Macroeconomic fluctuations; exchange arrangements; Sub-Saharan Africa; sub-Saharan Africa country; terms of trade shock; Non-CFA Franc country; open economy; Real exchange rates; Terms of trade; Trade balance; Exchange rate arrangements; Inflation (search for similar items in EconPapers)
Pages: 30
Date: 1997-07-01
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Citations: View citations in EconPapers (32)

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Journal Article: Macroeconomic Fluctuations in Sub-Saharan Africa (1998)
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